Subdivision & Infrastructure Standards 6.12 Improvement Guarantees & Performance Securities
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of whether the facilities, utilities or streets were constructed in accordance with the requirements of this ordinance. At the end of the one-year warranty period, the developer shall request a final inspection. Upon successful completion of all warranty items, the developer shall be released from maintenance responsibilities for the warranted construction. 3. Warranty repairs shall be corrected in accordance with the recommendations of the Administrator. 4. If a developer fails to complete warranty items, future projects of the developer may not be reviewed by the town. In addition, the town shall take appropriate legal action against the developer. Applicability: Performance securities shall be required as follows: 1. Stormwater Structures: The Town of Wake Forest may, at its discretion, require the submittal of a performance security in order to ensure that the structural BMPs are maintained by the owner as required by the operation and maintenance agreement. 2. Temporary Erosion, Sedimentation, and Stormwater Controls: Performance securities must be provided to the town for all projects of ½ acre (21,780 square feet) or more in surface area. Amount of Performance Security 1. Stormwater Structures: The amount of a performance security for the maintenance of structural BMPs, as required by Section 12.5, shall be the present value of an annuity of perpetual duration based on a reasonable estimate of the annual cost of inspection, operation and maintenance of the BMPs approved under the permit, at a discount rate that reflects the jurisdiction’s cost of borrowing minus a reasonable estimate of long term inflation. Such security shall be provided in the manner outlined in Section 6.12.3. 2. Temporary Erosion, Sedimentation, and Stormwater Controls: The amount of a performance security for temporary erosion, sedimentation and stormwater controls shall be 125% of the cost to remove, maintain or repair all erosion control measures. Such security shall be provided in the manner outlined in Section 6.12.3.
6.12.2. Performance Securities A.
B.
C. Costs in Excess of Established Amounts: If Town of Wake Forest takes action upon failure by the applicant or owner, the Town of Wake Forest may collect from the applicant or owner any difference should the amount of the reasonable cost of such action exceed the amount of the performance security held. D. Release of Performance Securities 1. Stormwater Structures: Not applicable. 2. Temporary Erosion, Sedimentation, and Stormwater Controls: Securities will be released upon issuance of a Certificate of Compliance and final Land Disturbance Permit closeout.
6.12.3. Types of Guarantees / Securities
Improvements guarantees and performance securities shall be made in one or more of the following forms: A. A surety bond made by a surety company licensed to do business in North Carolina, B. A certified check drawn in favor of the Town of Wake Forest, or C. Cash deposited with the Town of Wake Forest.
Town of Wake Forest Unified Development Ordinance – July 19, 2022
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